Truist Financial Increases Targa Resources (NYSE:TRGP) Price Target to $175.00

Targa Resources (NYSE:TRGP) had its price target increased by analysts at Truist Financial from $150.00 to $175.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the pipeline company’s stock. Truist Financial’s target price indicates a potential upside of 0.72% from the stock’s current price.

TRGP has been the topic of a number of other reports. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $154.57.

Targa Resources Stock Performance

NYSE:TRGP traded up $4.55 during trading hours on Tuesday, reaching $173.75. The stock had a trading volume of 405,072 shares, compared to its average volume of 1,636,674. The stock has a market cap of $38.07 billion, a P/E ratio of 36.40, a price-to-earnings-growth ratio of 1.28 and a beta of 2.24. The stock has a 50 day simple moving average of $155.70 and a 200 day simple moving average of $136.39. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources has a 12-month low of $81.03 and a 12-month high of $174.57.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the sale, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,321 shares of company stock valued at $26,654,881. 1.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the second quarter valued at about $29,000. UMB Bank n.a. grew its stake in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter valued at about $44,000. Finally, Rogco LP purchased a new stake in Targa Resources during the 1st quarter valued at about $56,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.